Crypto Reacts: Bitcoin Slides as Clarity Act Falters to Clear Senate Vote
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The Senate failed to invoke cloture on the Digital Asset Market Clarity Act Tuesday afternoon, falling short of the 60 votes needed to advance the bill to debate.
Key facts
ET, sliding from roughly $76,900 to a session low near $75,600 in about 10 minutes as soon as the “no” tally climbed past 40
That put Bitcoin down almost 4% on the day and well off its September peak near $82,000
To get there, Democrats need to join them in voting yes at 2:15
The overall crypto market lost nearly 3% after quickly recovering from a post “no” panic that took the losses to more than 4.2%
Summary
The Senate failed to invoke cloture on the Digital Asset Market Clarity Act Tuesday, after 50 senators voted against it. Bitcoin slid from a session high near $77,200 to a low around $75,600 as the no votes mounted, before paring losses to trade near $75,800, down about 3.2% on the day. The Digital Chamber, a crypto trade group, called the result a "setback" rather than a defeat and said it would keep pushing for the bill's passage. The crypto market did not like the outcome, as you might expect, with Bitcoin sliding as the “no” votes came in and the bill’s outcome looked certain.